Trump reports 'very good' phone call on trade with China's Xi

China,Economy,Xi Jinping

His comments came one day after Trump spoke with Chinese President Xi Jinping over the phone. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina".

"China does not want to see this", he said, according to Xinhua.

Disagreements on trade have "adversely affected" industries from both countries as well as global trade, Xi said. "They all want to do it".

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later. The latter message was also contradicted by Larry Kudlow, the economic adviser of the White House. "That's a good thing", he said. If the policy talks go well, then we'll have a much better situation.

Trump has a history of agreeing in principle to deals before backing out. "It looks like they are focusing on trade". And he has previously made concessions to US adversaries that have drawn backlash from both Democrats and Republicans.

But Trump struck a more affable tone on Twitter after the phone call with Xi. The decision was roundly lambasted in Congress.

"Frankly, the principal culprit is China", he said. The conversation was mainly about trade, but also about North Korea.

And Trump's history of reneging on agreements is presumably well understood in Beijing.

Kudlow said on CNBC that the meeting agenda between Trump and Chinese President Xi Jinping at the end of November in Buenos Aires has not yet been worked out, but "we may have a very good meeting in Argentina with President Xi".

Kudlow clarified that Trump now is not removing tariffs at all. He backed out on a deal congressional Democrats said they struck with Trump to provide legal status to young undocumented immigrants.

Earlier on Thursday, Chinese Premier Li Keqiang told a group of visiting US politicians that China and the United States could overcome their differences.

Washington and Beijing are in an increasingly high-stakes standoff over Trump's aggressive move to end what he says have been years of unfair trade practices by China, including rampant intellectual property theft, forced technology transfers and market access barriers.

A key point of contention for the U.S. has been its allegations that China has engaged in widespread intellectual property theft. The United States has placed additional tariffs on more than $250 billion worth of imports from China and has threatened to more than double that amount if the G-20 talks fail.

Hong Kong enjoyed its best percentage gain since December 2011. He stressed that the United States has made significant progress in trade with China.

The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months.

Kudlow said Thursday at an event in Washington that Trump and Xi might be able to break the logjam on issues during the summit.

He adds that any deal reached must be "fair".

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